Who is Pershing, LLC.?
ICA clears it’s securities trading through Pershing, LLC which is one of the largest clearing firms in the industry. Pershing is composed of 4,300 highly focused, experienced personnel developing and supporting more than 1,100 financial organizations worldwide.
Pershing is a member of the Securities Investors Protection Corporation (SIPC) that protects a client’s assets up to $500,000, of which $250,000 can be in cash. SIPC protection does not cover any losses due to market fluctuations. More information about SIPC protection can be obtained at www.sipc.org.
Pershing carries “excess SIPC” (in excess of the SIPC limits discussed above) protection through a private insurance company, Customer Asset Protection Company (CAPCO), for the net equity of your clients’ securities positions and cash in their accounts in excess of the SIPC limits. Net equity refers to the value of your clients’ securities, plus cash minus any amount that may be owed, such as margin loan. CAPCO is a captive insurance company licensed by the state of Vermont. More information on CAPCO can be obtained at www.capcoexcess.com.
Disclosure: Pershing, LLC, a subsidiary of The Bank of New York Mellon Corporation